Smaller regionals brush off commercial real estate worries
Cullen/Frost in Texas, BankUnited in Florida and Bank OZK in Arkansas are among the banks that have, at least for now, allayed investors' fears about their exposure to the CRE sector.
Earnings
Capital One says credit deterioration has ‘run its course’
The stable outlook is an indication that — at least for some lenders — the much-feared cycle of cardholders defaulting on their obligations in the wake of the COVID-19 pandemic may not turn out to be so bad.
Sallie Mae eyes market-share gains after Discover exits student lending
The private student loan market is in flux after one major lender, Discover Financial Services, said it's leaving the sector. Sallie Mae is gearing up to compete for that business, much as it did when Wells Fargo pulled up stakes in 2020.
Truist vows to keep its expense growth low in 2024
Despite a surge in quarterly expenses in the fourth quarter and a projected uptick in the first quarter, the North Carolina company is standing by its expense guidance for 2024.
New Morgan Stanley CEO trims outlook, pledges to stay the course
Two weeks after Ted Pick rose to CEO, the company slightly revised its long-term targets for efficiency, return on tangible common equity and other metrics. Yet, Pick says, "there's not a change in strategy" after the departure of his predecessor, James Gorman.
JPMorgan Chase lays plans to build on last year’s success
After a record-breaking year of reeling in business from failed banks and scared customers defecting from rivals, the largest U.S. bank expects it will keep getting larger.
United Wholesale Mortgage, Pennymac downgraded by KBW
Both companies saw their stock rating cut because of their current valuation, similar to why Rocket's was previously dropped. They declined comment on the move.
With deposits steady and lending flat, focus shifts to credit quality
Funding pressures moderated in recent months, but loan charge-offs climbed. With festering concerns about a vulnerable economy, the potential for elevated credits costs could loom large over the upcoming bank earnings season.
Truist mulls a restructuring of its underwater bond portfolio
The North Carolina-based bank is considering the idea of selling a portion of its securities portfolio as a way to build capital, CEO Bill Rogers said Tuesday. At the end of the third quarter, Truist's securities were worth about 20% less than what the company paid for them.
More origination losses on the way, MBA predicts
Higher expenses pushed per-loan losses further into the red for the first time in three quarters and with lower production expected through the first three months of next year, the picture remains bleak.
Upstart earnings: ‘Everything’s going wrong,’ analyst says
The company missed revenue projections, and it's trying to tap other funding strategies amid a "difficult lending environment."
Oportun will lay off 18% of corporate staff, eliminate products
The San Carlos, California, consumer lender said it's "exploring strategic options" for its credit card portfolio, discontinuing its investment and retirement products and sunsetting a partnership with Sezzle in addition to embarking on a new round of job cuts.
Rocket management expects difficult 4Q
But the company was profitable for the second consecutive period under standard accounting principles in the third quarter.
SoFi gets a lift from the return of student loan payments
The neobank is also benefiting from its product diversity.
Navient says losses in CFPB case could be as high as $250 million
The student loan servicer said that it's open to settling a high-stakes lawsuit filed by the Consumer Financial Protection Bureau during the Obama administration. It recorded a $45 million charge and said that the range of reasonably possible losses is between $0 and $250 million.
Auto lender Ally points to signs that credit erosion will stay in check
Charge-offs at the Detroit-based lender rose last quarter, as borrowers had a tougher time keeping up with their car payments. But so far, credit quality is staying within expectations, and company executives don't anticipate that the rest of the year will be much worse.
PNC details its job-cut plan, cites a slowdown in lending
The Pittsburgh-based regional bank expects to save $325 million next year as it reduces its staff by 4%. Executives said the cuts are necessary because revenue has fallen amid a surge in interest rates and a decline in loan volumes.
Pressure mounts for Truist to reset its strategy
Some analysts and investors want the North Carolina bank to make big changes to meet financial targets, which they say aren't being met more than four years after the BB&T-SunTrust merger. The critics will be closely watching a presentation by top Truist executives on Monday.
BMO says Bank of the West deal could deliver more savings than expected
The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.
UWM returns to profitability in the second quarter
But its operating income missed estimates with servicing income and gain-on-sale margins coming in lower than expected.
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